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We’ve reviewed the reviews for Ally Legal Funding and compiled everything you need to know about them here. Finding a reliable legal funding company can be challenging, especially if you don’t know the industry. With this information, you can make an informed decision.
What Kinds of Cases Does Ally Legal Funding Support?
Ally Legal Funding offers lawsuit loans for various cases, including some types not typically advertised by legal funding companies. Some of the cases that Ally Legal Funding can offer lawsuit loans for include the following:
- Personal injury
- Car accidents
- Rideshare accidents
- Assault and battery
- Defective drugs
- Civil rights
- Hernia mesh
- Roundup
If you are waiting on a settlement, Ally Legal Funding can likely offer you pre-settlement funding for your case. This broad coverage can make it easier to qualify with Ally Legal Funding than it is worth more specialized funding companies. This could make them flexible, adaptable partners during your settlement case.
Advantages of Ally Legal Funding
Ally Legal Funding offers some distinct advantages over other lenders, making them an attractive partner in the fight for your settlement. In an industry with unscrupulous actors, Ally Legal Funding presents a reputable choice for plaintiffs needing legal funding. Take a look at what they can offer to decide if they’re right for you.
Fast Turnaround for Your Legal Funding Application
You’re likely under immense financial pressure while waiting for a settlement. This can be the case, especially after an accident, where you might face medical bills and other expenses needing immediate payment. Because of this urgency, Ally Legal Funding offers a fast turnaround time on all applications for lawsuit loans submitted.
Once you submit your application for pre-settlement funding, Ally Legal Funding will respond within 24 hours. This takes the suspense out of legal funding and allows you to get access to the money you need fast. If you’re facing a loss of income as you fight for your settlement, lawsuit loans from Ally Legal Funding could be a lifeline.
Lowest Interest for Legal Funding Guaranteed
Ally Legal Funding makes a unique guarantee in that they promise to offer you the lowest interest rate for your lawsuit loan. Some legal funding companies try to charge their clients a high compounding interest rate. This can leave you with little to nothing left after your case settles, as the award you receive covers your interest from the legal funding.
With the promise from Ally Legal Funding, you can avoid having to pay excessive interest rates, which can leave you in a better financial position than you would be with other companies. You can also know that you got one of, if not the best, legal funding deals when you sign up with them. This could leave you in a better financial position to rebuild after your settlement.
There’s No Risk
One of the major benefits of legal funding is that, should you lose your case, you don’t have to repay anything and can keep the money. That’s because a lawsuit loan is considered a nonrecourse debt, which means your settlement alone, not your finances, is the source of repayment. Ally Legal Funding offers this benefit to all of its clients.
With a non-recourse lawsuit loan, you can borrow before your settlement without worrying about needing to pay it back. If you win your case, the amount of lawsuit funding you receive will be deducted from your final award. However, if you lose your case, you still get to keep your legal funding and don’t need to repay it.
Disadvantages of Ally Legal Funding
While Ally Legal Funding has some clear advantages, there are some drawbacks you’ll want to be aware of before committing. While these may not be enough to deter you from using their services, they are something to consider for your legal strategy going forward.
They Don’t Commit to Simple Interest
Ally Legal Funding doesn’t commit to using only simple interest rates for their clients. However, they do say they will always offer the lowest loan rates. While this may imply that Ally Legal Funding will abide by simple interest rates, it’s unknown whether or not some clients will have to pay compounding interest.
The difference between simple and compound interest is dramatic, especially in cases where there may not be a settlement for months or even years. Compound interest grows much more rapidly than simple interest. With a compound interest legal loan, it’s easy to wind up owing the entirety of your remaining settlement only in interest payments.
They Lack a Discernible Specialization
While Ally Legal Funding can cover many cases, they lack a discernible specialization. While this can make them a good generalist partner for many plaintiffs, they lack the specialization to make them better suited to niche cases. If your lawsuit is complex or unusual, Ally Legal Funding may not have the information to offer you the best deal.
When a legal funding company makes a settlement offer, they do so based on how such cases typically go in court. With enough information, a legal funding company can accurately determine the likelihood of your settlement victory and the potential size of your award. However, a lack of specialization can lead to less accurate estimates for complex cases.
There Are Few Online Reviews
Online reviews can give you insight into what you can expect from a company, and the same goes for the litigation funding industry. Unfortunately, Ally Legal Funding doesn’t have many online reviews currently available. While their website is full of information, if you’re looking for online reviews, you’ll have a hard time doing so.
This isn’t necessarily a mark against the trustworthiness of Ally legal Funding, but it does mean you have less information to know what your experience will be like with them. If there are any supporting documents you’ll need, especially when comparing loan deals, you may need to contact them directly for that information rather than come prepared based on reviews.
Why You Should Use High Rise Financial for a Lawsuit Loan
Even though Ally Legal Funding has some advantages, the company does not come close to what High Rise Financial can offer you when applying for a lawsuit loan. The advantages of working with High Rise Financial for a lawsuit loan include the following:
- Your attorney can contact us on your behalf.
- We can process your application for you.
- Once approved, you can receive funds within 24 hours.
- You do not have to repay the loan from your own pocket, instead, it comes from your settlement.
- A lawsuit loan does not impact your credit score and personal property.
Get a Lawsuit Loan Today
High Rise Financial can be a reliable partner in your fight for the maximum possible settlement. We can offer you up to $1 million in legal funding, deliverable to your bank account within 24 hours of the approval of your application. It takes just minutes to apply, and you could be approved within hours.
We offer our clients low, simple interest, saving them from high fees and allowing them to take home more of their settlement. We don’t think you should struggle to find a legal funding company you can fully trust. We’re here to help you fight for the full measure of justice you deserve and work hard to earn the trust of everyone we serve.
Submit our contact form today to speak to a representative about your lawsuit loan.